Albania

Heavy oil production from Patos Marinza field in Albania averaged 6,385 b/d in the quarter ended June 30, 2009, compared with 5,864 b/d in the quarter ended Mar. 31, said Bankers Petroleum Ltd., Calgary.

By OGJ editors
HOUSTON, July 15
– Heavy oil production from Patos Marinza field in Albania averaged 6,385 b/d in the quarter ended June 30, 2009, compared with 5,864 b/d in the quarter ended Mar. 31, said Bankers Petroleum Ltd., Calgary.

The company is drilling the field’s second horizontal well. The first horizontal well is making 170 b/d of oil and has cumulative production of 26,000 bbl since going on line in January 2009.

Bankers Petroleum plans to drill nine more horizontal wells and hike output to a target of 8,000 b/d by the end of 2009. Net price rose to 60% of Brent in June for some exports as differentials narrowed. Second quarter net price averaged $35.11/bbl, 55% of Brent.

The first oil export shipment left the Petrolifera Italo Albanese terminal at Vlore, Albania, on July 13. The company plans three more cargoes in July and four in August.

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